MUMBAI: The Reserve Bank of India may have plans to revive the debt-laden sector through the Insolvency and Bankruptcy Code, but lawyers and bankers say the platform could be misused by promoters of companies to stall other recovery procedures against them, like under the dreaded Sarfaesi Act. Under the Securitisation and Reconstruction of Financial Assets…
Australian technology and media company Tapit Media, which aimed to complete the connection between digital content providers, brands and consumers through their mobile devices, has been placed into voluntary administration. Administrators are seeking a buyer for some or all of the assets of the business or a saviour to recapitalise. Tapit was launched in 2011…
Loans, credit cards and overdrafts are all essential to business. Without them many companies would struggle to grow, to find the funding for development or to cover cashflow problems. The majority of businesses require debt finance at some point, whether its to help avoid a negative situation or to create a positive one. But what…
OSLO Shipping magnate John Fredriksen is trying to buy more oil tankers despite a glut of vessels afloat, a looming $10 billion in debt and two failed takeover attempts that have left his empire reeling. Continue Reading Below The self-made billionaire, who also is a major player in offshore oil drilling and salmon farming, says…
MUMBAI: The fledgling National Company Law Tribunal has rejected insolvency proceedings sought by Leo Duct Engineers & Consultants that facilitates the continuation of banks recovery under the SARFAESI Act which was the law of choice before Insolvency and Bankruptcy Code came up. The move will help lenders Standard Chartered Bank and Canara Bank to recover…
Lenders to Jaiprakash Associates Ltd., led by ICICI Bank, have given an in-principle approval to a debt restructuring plan, two people close to the development told BloombergQuint requesting anonymity. The restructuring would involve division of the nearly Rs 30,000-crore debt into three parts. The first portion of about Rs 10,000-crore debt would be moved off…
Reshmi Khurana June 28, 2017 00:02 IST Updated: June 27, 2017 22:59 IST “; var device = “”; for ( var type in WFClientTypeDef) { if (window.matchMedia(WFClientTypeDef[type]).matches) { switch (type) { case “xlarge”: device = ‘desktop’; break; case “large”: device = ‘desktop’; break; case “medium”: device = ‘tab’; break; case “small”: device = ‘mobile’; break;…
The countrys largest lender State Bank of India has initiated debt recovery proceedings under the Insolvency and Bankruptcy Code against steelmakers Monnet Ispat Ltd. and Electrosteel Steels Ltd. and power distribution company Jyoti Structures Ltd., one banker with direct knowledge of the matter confirmed to BloombergQuint. The case against Monnet Ispat has been filed at…
CASH CRUNCH The BoE warned that credit card debt, personal loans and motor finance grew much faster than household incomes HOME buyers are facing tougher borrowing rules when they apply for a mortgage, as the Bank of England raises fears of a debt boom. The BoE today said it will tighten affordability tests for mortgage lending.…
Banks are almost done giving mandates to insolvency professionals for the 12 big accounts, which are responsible for nearly Rs 2 lakh crore of bad debts in the banking system. According to sources, a bank with the highest exposure in working capital loans, and not term loans, will decide on the insolvency professionals.…